We question whether supply flexibility in oil production depends on the type of extraction technology. In particular, we ask if shale oil producers respond to price incentives when producing oil or completing new wells. Constructing a novel well-level monthly production data set covering more...

In this paper we develop the first model to incorporate the dynamic productivity consequences of both the spending effect and the resource movement effect of oil abundance. We show that doing so dramatically alters the conclusions drawn from earlier models of learning by doing (LBD) and the...

In 2006 the Norges Bank initiated a project to improve its short term forecasts. The current phase of the project is tasked with developing a system that provides model-based forecasts for gross domestic product and consumer price inflation excluding taxes and energy prices, for each policy...

We estimate the interdependence between US monetary policy and the S&P 500 using structural VAR methodology.A solution is proposed to the simultaneity problem of identifying monetary and stock price shocks by using a combination of short-run and long-run restrictions that maintains the...